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Freenet acquires stake in Swiss Sunrise

March 17, 2016 23.44 Europe/London By Jörn Krieger

Sunrise HQGerman mobile communications company Freenet has purchased a 23.8% stake in Swiss telco Sunrise for around €714 million.

Freenet buys the shares from investment group CVC Capital Partners and thereby becomes the largest shareholder in Sunrise.

With more than 3 million customers, Sunrise is Switzerland’s second-largest telco after Swisscom. Its portfolio comprises mobile subscriptions, broadband internet, fixed-line telephony and IPTV.

Christoph Vilanek, CEO of Freenet, and the company’s CFO Joachim Preisig will join the board of directors of Sunrise.

“We have been watching the development of Sunrise Communications AG very closely for some time now,” said Vilanek. “We understand their business model and, with regard to cash orientation and the financial profile, we can see strong parallels with our profile on the capital market.”

Lorne Somerville, Partner and Global Head of TMT at CVC Capital Partners, added: “After more than five years of CVC ownership, we hand over to a new major shareholder. Freenet is an industry insider with more than 12 million mobile customers in Germany and leading edge retail capabilities.”

The expansion to Switzerland is Freenet’s second major acquisition in recent times. In early March 2016, the company announced the takeover of large parts of German technical services provider Media Broadcast.

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Filed Under: Finance, Newsline, Telco Tagged With: CVC Capital Partners, Freenet, Sunrise, Switzerland Edited: 20 March 2016 20:26

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About Jörn Krieger

Jörn reports on the latest developments in Germany, Austria and Switzerland. Since 1992, he has been working as a freelance journalist, specialised in digital media, broadcast technology, convergence and new markets. He also takes up University lectureships, writes articles in specialist publications, and produces radio reports. Jörn is also a moderator of panel discussions at industry events such as ANGA COM, Medientage München and IFA Berlin.

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